Tower appoints Richard Harding as new CEO

Tower appoints former Territory Insurance head Richard Harding as new CEO

By Paul McBeth

July 17 (BusinessDesk) - Tower, the general insurer, has appointed Richard Harding, the former head of Territory Insurance Office in Australia's Northern Territory, as its new chief executive.

Harding will replace David Hancock, whose two-year tenure was extended until the end of September to help with the leadership transition. He starts on Aug. 17, in an open contract paying a base salary of $750,000, plus short-term incentives of up to $500,000. Long-term incentives are subject to shareholder approval.

“I see significant opportunity to leverage the Tower brand, customer relationships and track record of innovation to continue to drive profitable growth and performance,” Harding said in a statement. “Over the coming months I will be looking to build on the momentum that’s been created within Tower, particularly in its strategic focus on delivering customer excellence, and to further embed innovation as a key differentiator for the business."

Harding's most recent role was as chief executive of Territory Insurance Office, and he has previously held senior roles at Insurance Australia Group in Australia and China.

Tower's shares fell 0.5 percent to $2.16, and have increased 0.9 percent this year.

(BusinessDesk)

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